Highly efficient investment capital.

  • Financing Up to 80% of Purchase Price and 100% of Rehab
  • Fast, Efficient, Reliable & Responsive
  • Easy Approvals, 7-10 Day Closings

Available Loan Types:

Which Residential Loan is right for You?

We make hard money loans funded by private investors to Borrowers with poor credit, bad credit or limited income.  If your credit or income does not fit in the box for the approval standards of the big banks or other large institutional lenders we can step in and make you a mortgage loan with bad credit.  Our lending standards are so much different than what is employed by the normal funding sources such as Fannie Mae and Freddie Mac.  You won’t spend months with us trying to get a home mortgage with bad credit.  We’ll let you know right away what we can do for you and when we can do it.

We offer a number of different types of Hard Money Loans, financing plans from which to choose.  Our main loan categories are: Business Loans, Investment Loans and Probate Loans.  In addition we offer a number of variations of each loan type along with a number of debt consolidation and refinancing programs for our Borrowers.  We always have money to loan.  Our loan officers are available to assist you in deciding which of the many loan programs available will best fit your needs.

Borrower Financing Option – Subprime Loans

Subprime & Second Chance Financing

These loan programs are for Borrowers who are not able to obtain traditional Bank Financing due to either Credit or Income matters.

  • These Loan Programs are available for both Owner-Occupied and Non-Owner Occupied properties
  • Each loan program is FICO Driven and requires a minimum FICO credit score for each loan program
  • FICO scores are available for Borrowers who have Credit Scores down to 550
  • Loan terms are available for up to 30 years. Most programs are fixed for 7 years and adjusts for the remaining 23 years.
  • The typical time-frame from Loan Application to funding is usually around 30 days.

Subprime Requirements & Guidlines

Minimum and maximum loan amounts, property requirements and income qualifying options.

  • The subject property must show “Pride of ownership” with no significant deferred maintenance existing.
  • All loan programs are 30 years fully amortized. All loan are fixed for the initial 7 years of the loan and adjusts each year thereafter.
  • Loan amounts are available from $50,000.00 to as high as $1,500,000.00
  • Our income requirements are much more flexible than those imposed on borrowers by the big banks. Currently we will allow total debt ratios as high as 50% of our borrower’s monthly income.
  • The documentation that we accept to document income is:
  • Employed borrowers: “2” years W2’s and the most recent paycheck stub
  • Self-Employed borrowers: “2” years federal tax returns and a YTD (Year to Date) P & L statement
  • Alternative documentation: “12” months of personal bank statements

Borrower Financing Option – Private Equity

Private Equity Financing

These loan programs are funded by private individuals and allow for the most liberal loan approval standards. Loans available for both Owner-Occupied and Non-Owner Occupied properties

Our Private Equity loans provide:

  1. Interest only payments
  2. Loan terms up to 5 years
  3. Stated Income Qualifying
  4. Allowable Property Deferred Maintenance

These loan programs are a good option for Borrowers who need money fast for a business opportunity or are needing to pay off a loan coming due or needs funds to repair or upgrade a property.

The standard time-frame from loan application to funding is usually between usually from “1” to “2” weeks.

Investment Financing

Foreclosure Purchase

The terms of purchase at a foreclosure Trustee Sale is cash only,  which often requires more cash into a particular deal than most purchasers want in any particular transaction.  We can immediately structure a real estate loan to pull cash back out of the newly purchased property providing additional cash to purchase more investment opportunities. If the value of the property is more than the purchase price you are paying we might be able to get you up to 100%  purchase financing regardless of whether you have less than prefect credit or income problems.

Buy and Hold Strategy

Borrowers can use our Investment Loans to make necessary repairs and to make additional improvements to a newly purchased property.  Our Investment Loans can then roll over into permanent financing for the balance of the term of the loan.

Refinancing of existing property

When cash is needed or an existing loan has come due for payoff, our Investment Loans can be used by Borrowers to pay necessary financial obligations without the unfortunate decision to sell the property to pay off obligations.

Lending Parameters

We value our unique relationship with our borrowers and as well as the unique circumstances of each of our deals. The Lending Parameters provide general guidelines to Westar Lending.

Loan Amount $ 50,000 to $ 6,000,000
Rate 8 % to 12 %
Loan-To-Value Up to 85%
Loan-To-Cost Up to 80 % including renovation costs
Term 3 to 24 months
Origination Fees 1 to 2.5 pts, depending on loan duration
Closing Time 7 to 21 days
Required Insurance Title insurance naming lender as insured and property insurance naming lender as additional
insured and loss payee
Collateral Type First trust deed on subject property
Type of Loans Acquisitions, Renovations/Construction, Refinance, New Construction
Type of Properties Single Family Homes and small unit residential developments
Lending Area California

Recently Funded Deals

Lancaster Subprime $350K

Property Type: “4” House Courtyard

  • Lien Position 1st Trust Deed
  • Loan Amount: $208,000.00
  • Appraised Value: $1,400,000.00
  • LTV: 13%
  • Loan Rate: 9%
  • Loan Type: Investment Purpose
  • Occupancy: Non-Owner Occupancy
  • Term: 12 Months Interest Only

Out of state borrower, investment property, listed, all cash out. Even though our borrower has A credit, these factors were serious obstacles for a conventional lender. Within 24 hours of receiving a short form loan application we had walked the property and issued our loan commitment. Loan documents were drafted the day the preliminary title report arrived. Cash proceeds were used for another investment opportunity.

Encino Subprime $350K

Property Type: Single Family Residence

  • Lien Position 1st Trust Deed
  • Loan Amount: $350,000.00
  • Appraised Value: $570,000.00
  • LTV: 61%
  • Loan Rate: 10.00%
  • Loan Type: Investment Purpose
  • Occupancy: Non-Owner Occupancy
  • Term: 12 Months Interest Only

The Borrower’s family members formally owned the property and were forced to short sale the property several years earlier to an acquaintance under a profit arrangement. It was agreed that the best option would be for the Borrower’s Brother to purchase the property as a Non-Owner occupied investment rental property. It was arranged to “Credit” the Borrower the current equity in the property so no additional funds were required to be brought into escrow. Even the closing costs were covered by the new loan. The total time from loan application to funding was just over ‘20” days.

Los Angeles Subprime $350K

Property Type: Single Family Residence

  • Lien Position 1st Trust Deed
  • Loan Amount: $275,000.00
  • Appraised Value: $550,000.00
  • LTV: 50%
  • Loan Rate: 10.00%
  • Loan Type: Investment Purpose
  • Occupancy: Non-Owner Occupancy
  • Term: 12 Months Interest Only

The Borrower had requested purchase financing a year earlier on a great deal to do a complete rehab of the property. Following the purchase of the property a family emergency required the Borrower to have to travel to Mexico for a number of months, which caused the project to be put on hold. The total time from loan application to funding was just over ‘15” days. The timing of the loan and the funds provided from the loan allowed the Borrower to not have any additional delays with the project.

Borrower Application Process & Requirments

Loan Application Process

  • Step 1: Tell us about the property you want to borrow on. We will need information such as the type of property, estimated value and if any loans are currently owed on the property.
  • Step 2 { Complete our Short Mortgage Application
  • Step 3: Receive our loan response and/or mortgage approval.
  • Step 4: If the mortgage approval meets your needs we can meet you at your home or at our office to sign all the loan documents.
  • Step 5: Once all required file conditions, such as the appraisal and title report are received by our company we can then set your loan up to close and disburse the loan proceeds to you.

With our assistance these steps can usually be completed in as little as one week if required by our Borrower.

Initial Docs Checklist

  • Loan Application (1003 Application)
  • 3 Months Complete Bank Statements
  • Photocopy of Valid ID
  • LLC/Corp/Trust Docs (if applicable)
  • If Purchase – Purchase Contract
    If Refinance – Mortgage Statement
    If Leased – Lease Agreement
  • Declaration of Non-Owner Occupancy
  • Letter of Experience & Explanation
  • Escrow Contact Info
  • Insurance Declaration Page

Special Required Docs

1003 Application

Borrowers Certification and Authorization

Equal Credit Opportunity Act Disclosure

Fair Lending Notice

Resources & FAQ

Frequently Asked Questions

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